Sam Bankman-Fried is accused of illegally using FTX customer deposits to support his hedge fund, buy property and make millions of dollars in political contributions.
| Sam Bankman-Fried is expected on Tuesday to enter a plea of not guilty to criminal charges that he cheated investors and looted billions of dollars at hisMr Bankman-Fried is accused of illegally using FTX customer deposits to support his Alameda Research hedge fund, to buy real estate and make millions of dollars in political contributions.He is scheduled to appear at 2pm on Tuesday before US District Judge Lewis Kaplan in Manhattan to enter a plea.
Mr Bankman-Fried has acknowledged making mistakes running FTX but said he did not believe he was criminally liable. The 30-year-old rode a boom in the value of bitcoin and other digital assets to become a billionaire several times over and an influential US political donor, until FTX collapsed in early November after a wave of withdrawals.The prosecution case was strengthened by last month’s guilty pleas of two of Mr Bankman-Fried’s closest associates.
Mr Bankman-Fried can eventually decide to change his plea, if he reaches a deal with the government or decides a defence is unlikely to succeed and focuses on getting the most lenient sentence possible.
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